UK's Smart Metering Systems agrees to $1.63 bln takeover offer (updated)
07/12/2023 07:32
(Adds SMS board recommendation in paragraph 3, KKR comment in
paragraph 4)
Dec 7 (Reuters) - British energy infrastructure firm
Smart Metering Systems (SMS) SMSS.L said on Thursday a company
owned by funds advised by KKR KKR.N and its affiliates will
take it private in an all-cash deal of about 1.3 billion pounds
($1.63 billion).
The 955 pence-per-share offer represents a premium of 40.4%
to the London-listed stock's Wednesday close.
SMS said its directors intend to unanimously recommend that
the shareholders vote in favour of the deal.
"KKR believes that SMS, under private ownership, will be
able to accelerate its growth and continued transition from a
metering provider and grid-scale battery storage operator to a
fully integrated, end-to-end energy infrastructure company," the
U.S.-based investment firm said in a joint statement.
Glasgow-headquartered SMS is listed in London's junior
market and employs about 1,500 people, primarily in the UK.
($1 = 0.7964 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Nivedita Bhattacharjee)
((abyjose.koilparambil@thomsonreuters.com; +917483275231;))